Shiba Inus Surprise Rally: Hidden Bull Divergence
- Shiba Inu displays a hidden bull divergence signaling a potential upswing
- The majority of SHIB holders are retail investors, demonstrating strong grassroots support that can make the token more resilient to market fluctuations.
- Experts believe this is an early-stage rally with the possibility of breaking the $0.000081 target.
Defying the odds, Shiba Inu is rallying on the back of a Hidden Bull Divergence pattern. This crucial technical indicator points to a downtrend reversal, hinting at a potential price surge for the meme coin. This recent breakout and the identified divergence pattern strengthen the bullish outlook for SHIB. Experts believe this upswing could propel the token towards its immediate target of $0.000081.
A Hidden Bull Divergence occurs when the price forms a lower low, but a corresponding indicator (like the Relative Strength Index or Moving Average Convergence Divergence) forms a higher low. This divergence signals a potential bullish divergence between price and momentum, suggesting that the price may be oversold and poised for a rebound.
In SHIBs case, the Hidden Bull Divergence pattern and the recent breakout have ignited a buying frenzy, driving the price higher. Additionally, the early stages of this rally suggest that SHIB could be poised for further gains. If the meme coin successfully breaches the $0.000081 target, it could open the door for even more significant gains.
While the technical indicators and recent price action paint a positive picture for SHIB, its essential to remember that the cryptocurrency market is highly volatile, and prices can fluctuate rapidly. As SHIB continues to evolve, investors will be closely watching its performance and analyzing potential catalysts that could drive further price appreciation.
Retail Investors Dominate Shiba Inu Ecosystem, Driving Popularity
Another significant observation highlighted recently by experts is the community-focused nature of SHIB. Data from Coinmarketcap showed that a majority of SHIB holders (over 89%) are retail investors with relatively small holdings, ranging from $0 to $1,000. This suggests that SHIBs popularity is primarily driven by grassroots support rather than large-scale institutional investments.
The data also shows that only 20% of holders own more than $100,000 worth of SHIB. Despite the small percentage, their presence is significant. This group likely includes exchanges and other entities that hold the token for various purposes, such as facilitating trading or providing liquidity.
The dominance of retail investors in the Shiba Inu ecosystem boosts its potential as a robust digital currency for everyday use. Unlike many other cryptocurrencies that institutional investors heavily influence, the demand from its community primarily determines SHIBs value. Experts believe that this popularity at the grassroots level can make Shiba Inu more resilient to market fluctuations and less susceptible to manipulation.
Read more: https://www.tronweekly.com/shiba-inus-surprise-rally-hidden-bull/
Text source: TronWeekly
